Settle multiple bills through Bill Settlement in Tally.ERP 9
Did you know that the Tally.ERP 9 system lets you settle several outstanding bills for a party at one go? Bills for which the actual transfer of goods or services has occurred, but the financial payment is still pending are called outstanding bills. Now you have a faster method to clear a party’s bulk payments for many pending bills together, by simultaneously nullifying the same in your Book of Accounts.
All businesses today, work on a credit basis which means that at any point in time they will have many bills for which payment is currently due. These due payments could be for customers to whom you have supplied the material, and from whom you are yet to receive the money. This scenario would also apply to your vendors from whom you have made purchases, and have contracted to return the due financial compensation at a later date.
In either case it is possible that you or your customer may choose to make a bulk payment for numerous pending bills together. For example, say your customer makes a payment of Rs.1,00,000/- via cheque, for Bill No. 2 (Rs.50,000/- due), Bill No. 3 (Rs.20,000/- due) and Bill No. 4 (Rs.30,000/- due). Earlier you would need to first re-check the outstanding bills, note down the respective Bill Nos. and then pass a receipt voucher where you would search and individually select and allocate each bill with the respective amount.
Now you have a hassle-free and quicker method available in Tally.ERP 9. With the new ‘Bill Settlement’ capability, you can settle multiple outstanding bills directly from the ‘Ledger Outstanding’ report itself. Let us see how the Bill Settlement capability is implemented in Tally.ERP 9.
‘Bill Settlement’ used in case of receipt of payment for multiple bills from a customer:
To display the outstanding bills in a ledger,
• Go to ‘Gateway of Tally > Statements of Accounts > Outstandings > Ledger’
The sum total of the amounts of all the bill together is displayed at the bottom of the screen.
Press ‘Space: Select’ to select multiple bills from the list of pending bills displayed in the report.
The total amount of the selected bills is automatically calculated by Tally.ERP 9 and displayed at the top of the screen.
On the vertical panel on the right, press ‘Alt+B: Bill Settlement’ or click the respective button as highlighted above.
You come to the ‘Bill Settlement’ screen. Here,
• ‘Receipt’ is pre-selected for ‘Voucher Type’
• Enter the date on which payment is received under ‘Voucher Date’
• Select the respective cash or bank account from the ‘List of Ledger Accounts’, in which the payment will be received
• Enter the ‘Narration’, if any The completed screen is as below:
Press ‘Enter’. Select ‘Yes’ for ‘Accept?’.
You are automatically directed to a filled ‘Receipt Voucher’. In this voucher, the respective amount against the selected bills has already been entered by the Tally.ERP 9 system. Enter the details of the cheque to complete the transaction and ‘Save’.
Bill Settlement used in case of payment made for multiple bills to a supplier:
As shared before, to display the outstanding bills in a ledger,
• Go to ‘Gateway of Tally > Statements of Accounts > Outstandings > Ledger’
The ‘Ledger Outstandings’ Report is as shown below:
Use ‘Space: Select’ to select multiple bills from the list of pending bills displayed in the report.
Again press ‘Alt+B: Bill Settlement’ or click the respective button. Similar to the previous scenario, you come to the ‘Bill Settlement’ screen.
However in this situation, the primary difference is that ‘Payment Voucher’ is pre-selected for ‘Voucher Type’ instead of Receipt Voucher. This is because the total amount of the selected vouchers is in credit and the Tally.ERP 9 system automatically understands that a Payment Voucher needs to be entered. The remaining options are for the same details.
• Enter the date on which payment is made under ‘Voucher Date’
• Select the respective cash or bank account from which the payment has to be made
• Enter the ‘Narration’, if any
You are automatically directed to a filled ‘Payment Voucher’. Again in this voucher, the respective amounts against the selected bills are pre-allocated. Simply enter the cheque details to complete the transaction and ‘Save’.
